U.S. Tax Services

So Far, the Streamlined Program Has Been a Success

In October 2016,  the Internal Revenue Service gave an update on the Streamlined Filing Compliance Procedures (SFCP) programs announcing more than 100,000 taxpayers have become compliant with reporting and tax requirements and more than $10.3 Billion in tax revenue, interest and penalties has been collected.

 

For our prior information on the Streamlined Filing Compliance Procedures please click here.

 

The SFCP was made available to non-willful taxpayers in 2014 with the goal to encourage taxpayers with undisclosed income from foreign financial accounts and assets to become compliant and current with their tax returns and information reporting obligations.

 

Through the program, taxpayers can voluntarily disclose foreign financial accounts and assets and pay lower penalties if they do so now, instead of facing more severe penalties and possible criminal prosecution later for continuing to be no compliant.

 

For more information on this or other programs please contact one of our U.S. Tax Professionals.

 

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